Cardano has consistently faced criticism from the larger cryptocurrency space, the most significant being the comparison to a ghost chain. Although it may seem confusing to newbies, the ADA whale, a Cardano community-focused Twitter account, seems to know the reason for Cardano’s apparent lack of acceptance by the larger crypto community, mainly dominated by Bitcoin and Ethereum.
Understand that Cardano is the third major crypto-culture, will never be accepted by the first two (BTC and ETH) or by the latter’s Solunavax spawn-offs. Seeking acceptance from them is a futile effort, we are here to build our own version of what a crypto should be
— ADA Whale (@cardano_whale) 31 July 2022
He says that “Cardano remains a large cryptoculture, aiming to build out its own version of what a crypto should be,” which contributed to its “standalone” status. Cardano is not yet listed on any top platforms such as Gemini and Robinhood, which some members of the community have expressed displeasure with recently.
So more and more you get this kind of thing. Conditioned for hate, probably used to have a vague idea why. Now Cardano can do everything others can, has superior stability/security, PoS long before Eth, maybe the most educated and strongest community. Mom I just don’t like it! pic.twitter.com/Di7Tiboetx
— ADA Whale (@cardano_whale) 28 July 2022
In accordance ADA whale, “The reasons why Cardano is often excluded are complex.” He continues that this “exclusion” makes Cardano stronger and self-sufficient, “Now Cardano can do everything others can, has superior stability/security, PoS long before Eth, maybe the most educated and strongest community.”
In the past, Cardano faced significant criticism over its UTXO model, its systematic approach to implementation, and most recently, the slow growth rate of Cardano’s DeFi ecosystem, as reflected in TVL. A common criticism of the ADA price is that, unlike the top two cryptocurrencies, it lacks extra trailing zeros.
Cardano continues to build
Currently, 1045 projects are building on Cardano, while 93 projects have recently launched on Cardano. The number of NFT projects is 6,304, while Cardano native tokens stand at 5.6 million. Plutus script is now at 2,981.
Cardano, like Bitcoin but unlike Ethereum, has a finite supply limit, with only 45 billion ADA ever to be created over the coin’s existence. Currently, 33.93 billion ADA are in circulation, which is 75% of the maximum supply, and 34.51 billion ADA have been created so far, per CoinMarketCap data.
At press time, ADA traded at $0.53, up 2% in the last 24 hours.